A healthy store P & L is still at the heart of happy retailing. As Covid-19 made it somewhat easy to lower rent costs, many took the same approach with store head count. But this will certainly cost future retail productivity and flexibility.
So how do you adjust store operations in Post Covid Retail without losing more sales and compromising customer service?
Barely 20 years ago all retail operations took place in high street store formats. Then cross channel happened, and now Covid-19, and efficient retail operations are utterly transformed.
In the early years of this century, brand retail operation felt like paradise. Store networks were growing globally and being an expanding head of retail was a fun job. Managing high street stores, factory outlets, concession stores and flagships, having CEOs promote direct to consumer growth, and even the CFO was happy. All that was needed for retail operation was easily organised and within the store ‘boxes’. But soon brand stores encountered mighty antagonists.
The Covid-19 pandemic is devastating for those with pre-existing conditions. But it also mobilises the best in all others: unforeseen creativity, outstanding personal engagement, true loyalty and support among many more qualities.
There is no way around acknowledging that the situation is grim wherever you look and listen across the brand and retail industry, in parts even online. But if we pay close attention, we can also observe new brand industry best practice emerging.
To capitalise on often unpredictable consumer preferences, you need to set up an in-season fast-track product development process. A time to market of 40 days is the goal!
The speed of global brand growth has been slowing down. While fast-movers pay a high price for restructuring, successful brands continue to grow with brand best practice management.
Whether Tommy Hilfiger wins over Zalando buyers with a digital showroom, Rapha thrives thanks to their tight-knit membership community, or Lululemon enters new markets on grassroots values – brand best practice management enables brands to outgrow competitors. (more…)
While everyone talks about growing online sales, offline retail still makes up the vast majority of consumption. This special edition offers inspiration and guidance on processes & operations for retail managers in this context.
E-commerce managers and financial investors can be quick in labelling your stores as part of the so-called ‘old economy’. But today, retail still stands for 85% of all consumption and offers many opportunities to create superior consumer experiences and be commercially successful. As many brands and retailers have shown, a great brick and mortar store can grow far more profitable that online sales.
The likes of Amazon and Alibaba open tech-heavy brick & mortar stores, but best practice commercial brand retail still happens elsewhere.
Early sales reports indicate that 2018 was a good year for large parts of the lifestyle brand industry. Almost 4/5 of the top 100 European and US American lifestyle brands had a growth year, and for the most part did better than in 2017. This was despite a global department store fallout and online growth and was largely based on store growth.
Your KPIs, dashboard and performance management are in place, but your retail operations are missing that final touch? This best practice story shows how new technologies can help you win at associate engagement too.
Put yourself in the shoes of a senior vice president of outlet retail for a lifestyle brand in Europe who runs a few stores across several countries. Your stores are commercially successful, and your brand is an anchor tenant for many landlords. But you observe that you could do even better by becoming more engaged in retail operations. Are you tempted to push that old KPI and performance management button to reach your full- and part-time store associates? And, how well has that worked out for you in the past?
Pick the brand retail best practices from 24* cities and 6 topic areas that will work for you. To a good start and comp growth in your new business year!
It was a good year for the brand lifestyle industry in Europe and the US. Reading interim reports suggests that the majority of top brands have grown despite challenges in wholesale and full price retail distribution. While not true for all, this goes to illustrate another year of beautiful distribution complexity and financial challenges.
Thanksgiving in the US, Ramadan in the Middle East, Christmas, or simply next Saturday: high traffic days define the brand store operations winners. Here’s how UGG does it.
Brand store operations is not a complicated job. As a sales clerk in lifestyle retail, it comprises three core processes: 1. receiving and displaying merchandise, 2. serving customers and 3. removing goods from the shelf to make room for the new season.
Key learnings of 30 years brand strategy and planning. Tips how to improve your brand growth planning, today.
In January, Reuters reported that 38 % of 406 major US companies prepared for 2017 with a zero-based budget (ZBB) approach, and cites a respective 2016 Bain study. How lifestyle brands had planned for 2017 is unknown, but in the light of the US retail environment, many brands had to apply major cost cutting exercises to adjust their strategy and planning.
Fashion retail is an industry in trouble. Mass consumption is declining, female customers are not having expectations met. We need a revolution.
This post will answer the question “how much product adaptation is needed and healthy for a brand starting its international expansion?”
In answering the question, I am going to use examples from fashion and lifestyle companies, as I’ve spent the majority of my professional life in those industries.
Our Q1 blog visits are +99%, bounce rate -41%, subscribers doubled, likes & recommendations +100%, there couldn’t be a stronger feedback the “Brand Growth Inspiration” blog is on the right track. Thank you to all authors, our readers & supporters.
In case you missed one of the valuable posts, here’s our bespoke selection of best weekend read for you. (more…)
If you look into the digital market, you will notice that there are no German or even European big players in the digital commerce business.
Jeff Bezos, Zuckerberg and the Google boys are leading the western hemisphere while clever and aggressive Asian entrepreneurs like Jack Ma or Robin Li are leading the Eastern world. So why is there no German Jobs? A Dutch Bezos? A French Ma? (more…)
Retail windows are expensive advertising spaces and often miss their commercial potential. We share 24 thoughts to inspire great window performance.
Our 2016 retail term of the year is ‘loss of traffic’. Internet competition brought another year of loss in consumer footfall. Many of our retail friends struggled to keep momentum and to motivate for improvements in sales.
How a new retail KPI can help to keep store performance on track and retail staff motivated when footfall drops.
Retail business always has been tough – but today’s challenges for bricks-&-mortar retailers seem to reach unprecedented heights, with footfall dropping up to 20% compared to last year, even in prime locations. (more…)
In times of decreasing store footfall and sales, brand retailers focus on driving L4L strategies. This article advises how to drive sales per ticket.
In the old days, higher average selling prices were a convenient strategy to grow competition. This often worked, even though the number of tickets came down. But over the last few years, many retail managers focussed on monitoring conversion rates and units per ticket when driving same store performances – now we may have to look for new ways to grow L4L sales. (more…)